The European Commission has awarded €992 million in Innovation Fund grants to 15 large-scale renewable hydrogen projects in EEA countries, with potential to significantly boost the EU's ESG and carbon-neutral strategy. These projects are projected to produce nearly 2.2 million tonnes of green hydrogen, thereby preventing over 15 million tonnes of CO2 emissions in the coming decade. Aimed at high-emission sectors such as transportation and chemicals, each selected project will receive funding ranging from €8 million to €246 million over a ten-year period, facilitating the replacement of fossil fuels like coal, oil, and natural gas with hydrogen production. The initiative, a part of the European Hydrogen Bank's second auction, emphasizes the decarbonization of industries like maritime transport, with premiums supporting this transition. Spain, Lithuania, and Austria are also participating in the 'Auctions-as-a-Service' platform, leveraging national funding to support projects not chosen by the EU. The Commission highlighted the benefits of scaling up renewable hydrogen in Europe, including enhanced energy independence, industrial decarbonization, and job creation. Selected projects are required to finalize agreements by October 2025, attain financial closure within 2.5 years, and commence production within five years. Furthermore, the EU plans a third auction in late 2025 with up to €1 billion in funding and the launch of a Hydrogen Mechanism to facilitate interactions within the hydrogen economy.